MasterCard said in a press release that the legislation would take away the fundamental protections that US anti-trust laws provide consumers which "would result in less credit availability, along with higher prices and reduced benefits when Americans choose to use their credit or debit cards. Antitrust laws are designed to protect competition and consumers, but this bill would have the opposite effect."
In another press release, the Electronic Payments Coalition said that it "strongly opposes" the legislation - calling it "an attempt by giant retailers to make consumers pay for one of their business expenses - the cost of accepting credit and debit. It's simple: merchants do not want to pay their fair share to accept debit and credit cards, and they want consumers to foot the bill."
71% of all cash acquired by consumers came from cash machines
2.9 billion cash machine withdrawals were made last year - equivalent to 91 withdrawals per second
Cash payment volumes are forecast to fall by 27% over the next 10 years
If current trends persist, next year for the first time debit card spending will overtake cash spending by value in the UK.
If you're interested in learning more about Glenbrook’s Payments Education program, visit here. In addition to our popular public Payments Boot Camps, we offer private workshops on site at your location based on special topics (such as last week's “Opportunties in B2B Payments”) or drawn from our core Payments Bootcamp curriculum, or customized in a combination you can tailor to meet your needs.